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ENT I 5.02 Quiz

Chad Collins 10 questions

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Questions in this quiz (10)

  1. 1What is the final cost to the business of a product priced at $40 with a 20% trade discount?
    1. A$35
    2. B$25
    3. C$22
    4. D$32
  2. 2A business determines the final cost of a product purchased for resale by subtracting allowed discounts and transportation charges from which component?
    1. AList price
    2. BNet profit
    3. COperation expenses
    4. DAccounts receivable
  3. 3Businesses should set their selling prices at a level that will cause which situation?
    1. ABe lower than that of the competitors
    2. BCover expected markdowns and expenses
    3. CBe equal to the cost of the goods
    4. DEnsure a high percent of profit
  4. 4Clyde rented an ice cream truck in order to earn money for college. His truck rental is $200 per week and has a yearly license fee of $52. It costs him $200 for 500 ice cream bars that he plans to sell for $1.10 each. How many ice cream bars must Clyde sell each week in order to reach the break-even point?
    1. A360
    2. B252
    3. C201
    4. D288
  5. 5Which is an appropriate selling price for a product with total costs of $10.00 and a gross margin of $5.00?
    1. A$7.50
    2. B$15
    3. C$10
    4. D$5
  6. 6Which primary factors do business owners consider when determining the ceiling prices of their products?
    1. AService fees and competition
    2. BPromotional efforts and cost
    3. CInterest rates and supply
    4. DConsumer perceptions and demand
  7. 7Calculate the break-even point in dollars if a business has total fixed costs of $875,000; the unit selling price is $1,200; and the variable cost per unit is $700.
    1. A$2,700,000
    2. B$1,500,000
    3. C$1,200,000
    4. D$2,100,000
  8. 8A business bought 144 items at $6.50 each and 120 items at $3.75 each. With a 10% off-season discount, what is the total cost to the business?
    1. A$1,119
    2. B$1,207
    3. C$1,247
    4. D$1,386
  9. 9What is the break-even point in units for a business whose total fixed costs are $325,000, selling price per unit is $18, and variable cost per unit is $15.50?
    1. A$120,250
    2. B$130,000
    3. C$150,500
    4. D$180,550
  10. 10What is the selling price from the following information: cost, $8.45; operation expenses, $.50; and profit, $.80?
    1. A$9.25
    2. B$8.95
    3. C$9.75
    4. D$7.15

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ENT I 5.02 Quiz
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